December 6, 2022

Discussion with Norbert Goffa– Co-Founder of ILCOIN– About the Cryptocurrency Market, Trends and Vision

9 min read

An interview by Alyona Karpinskaya
Talking to: Norbert Goffa

Q: Currently, everybody is speaking about the escalating rate of Bitcoin. Did you anticipate that Bitcoin would reach its all-time high by the end of 2020?

A: Frankly, I did not. I expected it to enhance more by the end of the year, but no one figured that it would happen at this speed. We evaluate the projections a lot about the possible change in Bitcoin’s price with our team, however this speed was actually unexpected. For my part, I refrain from forecasts and I do not consider as practical the theories which are anticipating a hundred thousand dollar prognosis within a reasonably short time period. I figure that the point is not in forecasting precise rates, but rather in forecasting tendencies. I believe that exceedingly quick growth likewise has its drawbacks, just look at the present market.

Given that everything is defined by Bitcoin, it is required to evaluate the negative effects which are brought on by steep cost boosts. Of course, who wouldn’t more than happy to have their Bitcoin deserve more and more? Naturally, it is in everyone’s interest, but, at the very same time, other results need to be taken notice of, given that Bitcoin has an unmitigated dominancy on the cryptocurrency market, and since of this –– a strong Bitcoin might not serve the other individuals of the marketplace. The ones who are undoubtedly extremely pleased are the miners, since their charges alter for the much better with this rate.

Q: You referred to altcoins in the previous question. Could you elaborate on that a bit more to discuss how you see market patterns?

A: Whenever Bitcoin enhances, all the altcoins, which can not keep up the speed, damage compared to Bitcoin. Whenever Bitcoin compromises, the altcoins usually lose a lot more from their value, considering that they are currently behind compared to Bitcoin. As a specific example, if we have a look at the all-time high rate of Ripple or Ethereum, then we see that they are extremely far from the prices they had previously reached. Bitcoin, however, currently surpassed that cost, so we can state that everyone suffered a grievous defeat versus Bitcoin.

Of course, this does not suggest that an altcoin –– the brand-new ones in particular, which are primarily DeFi jobs –– can not make a larger earnings than Bitcoin. In my example, I was referring to the veterans, which took place to enter public awareness as alternatives to Bitcoin. I could have made fun of these visions years earlier. Bitcoin not only can not be reversed, but it is almost impossible to get back at close to it. I deem this as an advantage and a benefit in the long run, since it is unnecessary to find alternatives for the exact same purpose that we utilize Bitcoin. It is more important that a task presents such services in which Bitcoin can not be counted on. From this point of view, Ethereum is a paragon, given that it provides such a service that Bitcoin is not capable of. Personally, I believe that contending with Ethereum is more of a challenge for the altcoins than competing with Bitcoin. Since it resembles challenging dolphins in a swimming contest in the ocean.

Q: You mentioned Ethereum as the paragon of the cryptocurrency market. What do you think, how will Ethereum 2.0 affect its rate?

A: If I could respond to just, I would say that it is not a very influencing reality that Ethereum is creating such a wise contract network with which the investors’ Ether is getting staked. I do not wish to predict anything, however staking is somewhere around the inflation level. This is something like bank interest, but still, it is not the same. My opinion is that in the long run, Ethereum’s technique is not that excellent, considering that these services are also making Ethereum less deserving. Obviously, this is not clearly black or white. There could be a price-increasing result from Ethereum 2.0, but I see a market that works in a different way, where we can not state that an upgrade like this will make such and such profit for financiers. There are so many unpredictable elements, so these forecasts do not have any significance besides marketing worth.

Let us state that tomorrow Bitcoin will fall back to 20k. Is it good or bad? Naturally for those who acquired in the previous few days it is really bad. On the contrary, for those who have been purposely building their Bitcoin portfolio for many years, it is certainly good, considering that a great trader earns their cash on movements and not just on continually rising rates. This is precisely why DeFi projects are popular, since one could make a lot of cash with them. Let us just inspect the recent time variety of Year.Finance.

Q: You described DeFi projects as simple profit-making possibilities. What is your opinion relating to the length of time the buzz around DeFi will continue and what will be the end of it?

A: Right now, attention has been reduced on DeFi jobs and everyone is enjoying Bitcoin. I ‘d like to add that it is rightly so. What happened with Bitcoin is method over the expectations of 2020. Which is addressing your concern relating to that DeFi will continue on the road it has taken. DeFi has a future, because DeFi represents the decentralization of the cryptocurrency market. You would think that a centralized exchange has a lot of advantages, since it protects the money of its customers. Yes, and it is also the case of an exchange that will not pay the customer’s money. Unfortunately, we have had quite a great deal of experience with such cases. Exchanges can vanish with the users’ money! Obviously, you could state that you need to utilize exchanges with an excellent track record. Naturally, it is a method, however the question is the cost. I ‘d bet that the success of freshly getting here tokens lies in the reality that at the moment of launch, one or two TOP exchanges are already backing the task. If I might conspire a little, then I would say that the exchanges are likewise owners in these jobs. If a token is on among the TOP exchanges, then that is already half of the success. I would also like to ask –– how decentralized is the cryptocurrency market truly?

Q: Thinking over what you simply stated, we can presume that it is easier and more cost reliable to create an ERC20 job than building a coin on own technical innovations. Is this what you wanted to mention earlier?

A: Yes, that is exactly what I wished to refer to. You understand it. Obviously, you can argue about it, but it is not worth it. The cryptocurrency market prefers the token-based approach concerning trading, rather than the private coin-based approach. I do not indicate that it is an incorrect technique, since from a speculative viewpoint, one token might be enough for success. If I produce 1 million tokens, which is the maximum of my project’s supply, then I might easily provide 250,000 to an exchange in order to make it introduce the task. This is what I was describing in the previous concern.

This does not indicate that your own coin, which is based upon a distinct innovation, would not be valuable or would not be more valuable than those of token-based jobs, whose purpose limitations to speculative trading. Both methods have advantages and drawbacks. This is why I think that stock exchange trading may be more effective than token based, but it is not enough by far in case of real terms. This is why I think that in the long run, an unique technology will be more rewarding.

Q: Let’s talk a little about ILCOIN. You produced the RIFT Protocol about a year earlier. What took place ever since in the ILCOIN Blockchain Project?

A: We transformed in numerous respects. Although we won the race for block size boosts, I could state that we were the only ones who crossed the goal. Even we ourselves did not expect this. This is not good, definitely not good, considering that if you are the only participant in a race, then it is not a race any longer. In one word, all of the attention has actually been drawn from the block size increase and the on-chain based information keeping, and directed to DeFi projects. I confess that we did not anticipate this, but I guess that we are not alone with this issue. We need to see where we exceeded and what triggered the contest to lapse. Why would you come out with a 2GB block, if there were someone who made a 5GB block. At the most, you can approve free promotion for the winner. At the same time, I think the day will come when the RIFT Protocol will be commonplace.

Then, add COVID19 to all of this, which likewise balked our strategies. You can state that 2020 was not our year for sure. At the same time, a great deal of advantages took place, and these improvements will have their market effects in 2021. It suffices to discuss our VR video game, since we have major plans for it in the future, since Age of ILCOIN: Retribution will be the most essential component of the DCB. Besides this, we have strategies relating to that ILCOIN should be a part of DeFi projects, because our company believe in the benefits of the expansion of Decentralized Exchanges. All in all, there is a lot taking place in the background, and I’m sure it will bear results.

Q: If I understand it properly, you wish to say that it is anticipated that the price of ILCOIN will increase throughout next year? If we have a look at this year, your price has actually fallen significantly. Exists any unique factor for that or is it simply the method the market opted for you?

A: That is a hard question, and I had hoped that you would not ask it. But, obviously, this concern is what’s on everyone’s minds. I guess there is no job that likes discussing decreasing costs. I wish to include that we are not alone, given that we are proportionally in a much better position than a few of the leading altcoins. But, I would not like to hide behind others, so it is a fact that we too lost a great deal this year. At the very same time, I do not see this as such a great problem. All cryptocurrencies went through the exact same procedure. Bitcoin required two years to find the way back to its former self, and it even surpassed that. The fact that we lost a lot from our rate does not imply that there is no capacity in us. I think that this is precisely why we have a great chance of increasing in the future. Of course, we require brand-new business partners and reforming is also essential. We are dealing with that and I’m delighted to state that our prospects are extremely beneficial.

It is natural to ask the question regarding why our price decreased. There are a number of reasons behind that, of which I would not like to speak, because it is extremely speculative. It is for sure that we produced more enemies than pals with the 5GB block. We terminated our cooperation with a few of our partners and, of course, the interaction with the exchanges was not constantly a joyride. We learned a lot from these cases and this is why I was discussing reforming. ILCOIN is a task with fantastic possible, considering that we have such an advancement team behind us that has actually currently proven itself. I am sure that we will emerge victorious from the blockchain innovation contest in the long-run. I do not assure anything that is not down-to-earth. I never ever made any factual statements about the rate of Bitcoin. And that is not a coincidence, I leave anticipations for others. I’m interested in trends and tendencies. This is how I take a look at ICOIN. I do not mean any particular moment, since you can not make long term conclusions from it. I think in patterns, tendencies and development. This is why I represent ILCOIN.

To find out more about ILCoin, please visit:
About Alyona Karpinskaya:

Founder of the PR-Blockchain firm, technical writer, journalist and press agent.